The Smartphone Market Is Expected to Tank 12% This Year Thanks to COVID-19

The smartphone market is among many industries getting crushed by the coronavirus outbreak, registering its biggest decline ever in the first quarter after the pandemic simultaneously gutted supply chains and destroyed demand, with consumers fearing a potential recession on the horizon. As the world continues to grapple with the disease, smartphone shipments are expected to remain under pressure for the rest of the year, according to recent estimates from market researcher IDC. Smartphone volumes in the first half of 2020 are expected to fall by 18% as the coronavirus crisis continues to hurt discretionary spending.